Post Satyam shock, Sensex up 299 points

Mumbai, Jan.14 (ANI): With benchmark Sensex recording a recovery of nearly 300 points on buying support, led by market leader Reliance Industries and blue-chips Reliance Communication Infosys Technologies, the markets finally shrugged off the Satyam shock on Wednesday. The Bombay Stock Exchange (BSE) barometer on Wednesday jumped 299.13 points and closed at 9,370.49 after having lost nearly 17 per cent in a string of losses since January 7 after Satyam fraud was discovered. National Stock Exchange index Nifty also shot up by 90.35 points at 2813.45. Reliance Communications soared 10.38 per cent to come out as the biggest gainer among the Sensex stocks on Wednesday. Reliance Industries, the most valued private sector company, surged nine per cent as the stock looked more attractive following reports that promoters have increased their stake in the company to over 49 per cent as of December quarter. IT bellwether Infosys which on Tuesday posted over 33 per cent growth for the December quarter rose for the second day in succession. With Wednesdays gain of 6.07 per cent, the software company has jumped over 12 per cent in two days. Mahindra & Mahindra, which launched the multipurpose vehicle Xylo was the another prominent gainer at 5.39 per cent. RIL and Infosys together carry nearly 23 per cent weightage on the Sensex. Expectations of further fall in inflation, the weekly data for which will be announced on Friday and firm global trend weres other boosting factors for the equity markets. Among sectoral indices, Oil & Gas index was the best performer today at 5.85 per cent, followed by IT index at 5.02 per cent. (ANI)